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Protecting pensions from bankruptcy is a huge advantage. When my former employer went bankrupt, the retirement fund was frozen for about 18 months, but the money was still there and it was eventually released in full. My former employer couldn't touch the funds, and I have no doubt they would have grabbed them if they could have.

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I thought it would be prudent to diversify my rollover IRAs. Turns out I have only one fund out of about ten that has outperformed my S&P index fund.

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The risk-adjusted returns might be fine, but the evidence is clear that few funds beat an index after you adjust for risk and fees.

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I have one medical-device-focused fund that's up five or six times from what I paid for it, but it's the exception.

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